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Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 1702-A. Funding

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) Intent.--It is hereby declared as the intent and goal of the General Assembly to create a stabilization reserve in an eventual amount of 6% of the revenues of the General Fund of the Commonwealth.

(b) Transfer of portion of surplus.--

(1) Except as may be provided in paragraph (2), for fiscal years beginning after June 30, 2002, the following apply:

(i) Except as set forth in this paragraph, if the Secretary of the Budget certifies that there is a surplus in the General Fund for a specific fiscal year, 25% of the surplus shall be deposited by the end of the next succeeding quarter into the Budget Stabilization Reserve Fund.

(ii) If the Secretary of the Budget certifies, after June 30, 2005, that there is a surplus in the General Fund for the fiscal year 2004-2005, 15% of the surplus shall be deposited by the end of the next succeeding quarter into the Budget Stabilization Reserve Fund.

(iii) No amount of the surplus in the General Fund for fiscal year 2007-2008 may be deposited into the Budget Stabilization Reserve Fund.

(iv) No amount of the surplus in the General Fund for fiscal year 2010-2011 may be deposited into the Budget Stabilization Reserve Fund.

(v) No amount of the surplus in the General Fund for fiscal year 2011-2012 may be deposited into the Budget Stabilization Reserve Fund.

(vi) No amount of the surplus in the General Fund for fiscal year 2012-2013 may be deposited into the Budget Stabilization Reserve Fund.

(vii) No amount of the surplus in the General Fund for fiscal year 2013-2014 may be deposited into the Budget Stabilization Reserve Fund.

(viii) No amount of the surplus in the General Fund for fiscal year 2014-2015 may be deposited into the Budget Stabilization Reserve Fund.

(ix) No amount of the surplus in the General Fund for fiscal year 2015-2016 may be deposited into the Budget Stabilization Reserve Fund.

(x) If the Secretary of the Budget certifies that there is a surplus in the General Fund for the 2017-2018 fiscal year, 50% of the surplus shall be deposited by the end of the next succeeding quarter into the Budget Stabilization Reserve Fund.

(xi) If the Secretary of the Budget certifies that there is a surplus in the General Fund for the 2018-2019 fiscal year, 100% of the surplus shall be deposited by the end of the next succeeding quarter into the Budget Stabilization Reserve Fund.

(xii) If the Secretary of the Budget certifies that there is a surplus in the General Fund for the 2020-2021 fiscal year, 100% of the surplus shall be deposited by the end of the next succeeding quarter into the Budget Stabilization Reserve Fund established under section 1701-A.  1

(2) If, at the end of any fiscal year, the ending balance of the Budget Stabilization Reserve Fund equals or exceeds 6% of the actual General Fund revenues received for the fiscal year in which the surplus occurs, 10% of the surplus shall be deposited by the end of the next succeeding quarter into the Budget Reserve Stabilization Fund.

(c) Appropriated funds.--The General Assembly may at any time provide additional amounts from any funds available to this Commonwealth as an appropriation to the Budget Stabilization Reserve Fund.

1 72 P.S. § 1701-A.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 1702-A. Funding - last updated January 01, 2022 | https://codes.findlaw.com/pa/title-72-ps-taxation-and-fiscal-affairs/pa-st-sect-72-1702-a.html

Read this complete Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 1702-A. Funding on Westlaw

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